The crypto price chart showed gains alongside the max cryptocurrencies on Wednesday, June 7th. Bitcoin price is up 4.67 percent in the last 24 hours. This puts Bitcoin’s value at $26,930 (roughly 22 lakh rupees) at the moment. Earlier this week, bitcoin price dropped to its three-month low of $25,600 (about 21 lakh rupees). Not only BTC, but most cryptocurrencies are in a volatile phase, especially after the US Securities and Exchange Commission (SEC) stamped Binance with legal troubles for allegedly violating state laws. However, on the last day, BTC surged by $1,288 (roughly 1.06 lakh rupees) – bringing gains to most altcoins.
“Bitcoin is currently facing strong resistance near $27,400 (about Rs.22.6 lakh rupees), with support at around $26,400 (about Rs.21.7 lakh rupees),” said Edul Patel, CEO of the crypto investment firm Mudrex versus Gadgets 360.
ether posted a gain of 3.55 percent on Wednesday. The second highest cryptocurrency after that BitcoinEther is currently priced at $1,876 (roughly 1.54 lakh rupees). According to Gadgets 360, the value of ETH has increased by $65 (about Rs 5,366) in the last 24 hours Crypto price tracker.
Most cryptocurrencies trailed BTC and ETH, moving onto the profitable side of the crypto price chart with marginal gains.
These include Binance coin, USD coin, ripple, Dogecoin, Solana, Litecoin, SpeckleAnd avalanche among other.
“All except Cardano (ADA) Among the top 10 cryptos by market cap, they are trading in the green. In fact, the majority of tokens are up since yesterday. Tokens classified as securities by the SEC, including MATIC (down ~3 percent) and ADA (down ~0.8 percent), are still trading slightly lower. Meanwhile, the ongoing SEC crackdown has resulted in decentralized exchanges seeing a significant increase in trading volume, leading to price surges for some popular DEX tokens, including DYDX (up ~5.5%),” stressed Shubham Hudda, Sr Manager, CoinSwitch Markets Desk on Gadgets 360.
Shiba Inu, Wrapped Bitcoin, cosmos, chain link, UniswapAnd Monero Also on Wednesday managed to make profits.
In the last 24 hours, the valuation of the crypto market has increased by 3.19 percent and is currently trading at $1.12 trillion (roughly 92,82,759 crore). CoinMarketCap.
connection, polygon, Tron, BinanceUSDAnd LIONmeanwhile, reflected losses on June 7th.
“The SEC’s attacks on Binance have impacted crypto prices. However, tokens like Ethereum, which were not mentioned as securities, saw prices surge due to positive user sentiment. Given investors’ heavy reliance on stablecoins and BTC, the market awaits more regulatory clarity after the SEC ruling,” said Rajagopal Menon. Vice President WazirX told Gadgets 360.
The SEC scrutinizes the major crypto exchanges closely with the goal of establishing stricter compliance measures that would benefit the entire crypto ecosystem in the long run.
iota, No, SushiSwapAnd brain trust Price declines also occurred on the crypto chart.
Industry insiders believe that this market correction should not be taken negatively.
“After the market correction, several well-known players took the opportunity to buy on dips. On-chain data from Lookonchain showed that significant amounts of funds were transferred from stablecoin wallets to exchanges. This included the involvement of various institutional investors such as FBG Capital, FalconX and several identified whale accounts involved in similar activities,” the CoinDCX research team told Gadgets 360.
Cryptocurrency is an unregulated digital currency, not legal tender and is subject to market risks. The information provided in this article is not intended to be, and does not constitute, financial advice, trading advice, or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for any loss arising from any investment based on a perceived recommendation, forecast or other information contained in the article.
